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Shell Summary for Oct. 26, 2016

2016-10-26 20:35 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 10.29 points to 775.39 Wednesday. Richard Silas's capital pool shell, Crest Petroleum Corp. (CTP: $1.45), has completed its qualifying transaction by acquiring Wyoming gold explorer GFG Resources Inc. The shell, which had 4.75 million issued shares, issued another 38,503,483 shares to GFG's shareholders. The resulting issuer will begin trading tomorrow under the name GFG Resources Inc. (GFG).

Mr. Silas and the rest of the shell's directors have resigned. The resulting issuer's board comprises Brian Skanderbeg, Jonathan Awde, Patrick Downey and Stephen de Jong. Mr. Skanderbeg, a geologist, continues as the president of GFG Resources. Previously he was the president of Saskatchewan gold producer Claude Resources Inc. Claude was acquired in May, 2016, by Silver Standard Resources Inc. (SSO: $14.55) for $1.65 per share in cash and stock. The next GFG director, Mr. Awde, is a resource stock promoter and former broker. He is the president of Nevada gold explorer Gold Standard Ventures Corp. (GSV: $3.29), which last week sold 4.7 million shares at $3.17 to Goldcorp Inc. (G: $20.50). Goldcorp now owns 22.9 million shares or 10.3 per cent of Gold Standard. As for his own holdings, Mr. Awde has acquired one million shares of Mr. Silas's other shell, the NEX-listed Barksdale Capital Corp. (BRO: $0.40). Mr. Awde paid 20 cents a share. Since Mr. Silas became Barksdale's president in late August, the stock has risen from 20.5 cents. Mr. Silas has not yet announced a deal for Barksdale.

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